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Three Basic Principles your Company needs to follow to prevent Payments Fraud

| 20-01-2021 | TIS |

Even the best tech solutions may not help you prevent and detect fraud, if your basic security procedures are insufficient. Based on our experience helping world leading brands set up proper controls against payments fraud, we believe that payment security is a much broader topic than just fraud. Therefore, payment fraud prevention or detection can only be a meaningful exercise when it is an integral part of a company’s overall payment security strategy.

 

Fraudsters come up with new ideas to scam companies all the time. As digitalization transforms the way payments are being made, the risk for cybercrime also increases. Recently, companies have become prey to business email compromise attacks (BEC): Someone will impersonate a high-level manager and tell an employee that due to extraordinary circumstances they need to make a payment right then and there. As the name suggests, this is usually done via email, but fraudsters have become more creative. In some instances, a voice imitation software was used to convincingly fake a manager’s voice on the phone. Because of nefarious scams like this, it is important to raise awareness for security and fraud prevention among your employees.

 

However, fraud is not always an external threat. Often, fraud happens within a company. For big companies it can be a struggle to keep track of all payments that are made across their worldwide subsidiaries – especially, if they are made manually. Unfortunately, fraudulent payments made by employees are usually detected afterwards – if they are detected at all.

It is therefore important to build a payments security strategy that works on all levels. But what does that mean? Where should a company begin?

A good start is to make sure that you have a system where each step of a payment process is visible and well-documented. Remember: Transparency and visibility are the enemies of fraud. You should always have control of all your payments. Standardization of payment processes and workflows is one step closer to better visibility and control. This way, fraud can be stopped before it has even happened. The following three basic principles can lay the groundwork:

1. Segregation of duties

This is a no-brainer. When responsibilities are shared, people can keep an eye on each other. Ideally, every critical payments’ process should involve multiple people or even multiple departments. Suspicious transactions are spotted at once.

2. A single payments’ gateway

Even if your payments are not fully centralized, it is very helpful to have a single payments’ gate. Combined with value-added services such as validation, multi-step authorization and routing, payments can be managed end-to-end. Additionally, centralized data visibility supports internal controls and audit compliance and the monitoring of transactions becomes much easier.

3. Appropriate designation of signature authority

Multi-level approval processes need clearly defined designation of signature authorities. Make sure that your workflows are sufficient and flexible enough to accommodate your company’s needs.

The TIS corporate payments platform has designed many enablers and features for its cloud-based platform to support payment security.  You can standardize and automate your payments processes, enforce segregation of duties, and manage signature authorities from wherever you are.

 

About TIS

TIS (Treasury Intelligence Solutions GmbH), founded in Walldorf, Germany in 2010, is a global leader in managing corporate payments. The Financial Times named TIS as one of “Europe’s Fastest Growing Companies” for 2019 and 2020. Offered as Software-as-a-Service (SaaS), the TIS solution is a comprehensive, highly-scalable, cloud platform for company-wide payments and cash management. The TIS solution has been successfully used for many years in both large and medium-sized companies, including Adecco Group, Hugo Boss, Fresenius, Fugro, Lanxess, OSRAM and QIAGEN. More than 25% of DAX companies are already TIS customers.

 

 

Executive Briefing: The Next Gen Architecture for a Digital Treasury

07-01-2021 | TIS |

 

Read TIS’ new executive briefing The Next Gen Architecture for a Digital Treasury
and find out how to digitalize treasury with a best-of-breed ecosystem!

 

Leverage the expertise of multiple specialists with seamless API integration and cloud technology. Find out more about:

  1. Advantages of specialist vendors compared to All-in-One solutions for treasury
  2. How seamless data flow through API integration can deliver better user experience and faciliate strategic business decisions
  3. How to set up a best-of-breed solution that is tailored to your company’s treasury needs and future growth

About TIS

TIS (Treasury Intelligence Solutions GmbH), founded in Walldorf, Germany in 2010, is a global leader in managing corporate payments. The Financial Times named TIS as one of “Europe’s Fastest Growing Companies” for 2019 and 2020. Offered as Software-as-a-Service (SaaS), the TIS solution is a comprehensive, highly-scalable, cloud platform for company-wide payments and cash management. The TIS solution has been successfully used for many years in both large and medium-sized companies, including Adecco Group, Hugo Boss, Fresenius, Fugro, Lanxess, OSRAM and QIAGEN. More than 25% of DAX companies are already TIS customers.

www.tis.biz

Press Release: TIS among growth champions in Germany

| 08-12-2020 | TIS |

The cloud-based corporate payments expert establishes itself on the ranking by FOCUS-BUSINESS and Statista for the fourth time in a row.

Walldorf, December 8, 2020. FOCUS-BUSINESS has recently announced growth champions for the sixth time. For the fourth time in a row, TIS (Treasury Intelligence Solutions GmbH) was in the published ranking among the 500 fastest-growing German companies. Its above-average growth in turnover and staff and its innovative business model were important factors for the ranking.

As in previous years, Statista, the Hamburg-based statistics portal, selected a list of 12,000 German companies from all sectors with a particularly strong growth in sales or workforce in recent years. In April, there was a call for participants and on October 13, FOCUS-BUSINESS Growth Champions published the results. TIS ranking again among Germany’s top 500 fastest-growing companies shows that for mid-sized companies to large corporates, a streamlined and secure global payments strategy is becoming a must. From a technology standpoint, TIS’ cloud-based platform is the leading solution for corporate payments. Looking into the future, TIS will further accelerate its business growth in Europe and in the United States.

“With this year soon coming to an end, I must say that 2020 has been characterized by extraordinary challenges,” says Joerg Wiemer, co-founder and Chief Strategy Officer at TIS. “The concept of ‘Working from Home’ has highlighted the importance of digitalization. The current situation has made the decision makers in companies realize that cloud-based solutions are not only indispensable for business-critical processes such as payments, but the automation and standardization enabled by such solutions also boost efficiency and enhance security for these processes.”

About TIS

TIS (Treasury Intelligence Solutions GmbH), founded in Walldorf, Germany in 2010, is a global leader in managing corporate payments. The Financial Times named TIS as one of “Europe’s Fastest Growing Companies” for 2019 and 2020. Offered as Software-as-a-Service (SaaS), the TIS solution is a comprehensive, highly-scalable, cloud platform for company-wide payments and cash management. The TIS solution has been successfully used for many years in both large and medium-sized companies, including Adecco Group, Hugo Boss, Fresenius, Fugro, Lanxess, OSRAM and QIAGEN. More than 25% of DAX companies are already TIS customers.

www.tis.biz

 

 

Press Contact:

Treasury Intelligence Solutions GmbH

Liang Fang

Altrottstraße 31

69190 Walldorf

Germany

 

If you want to know more about TIS, visit www.tis.biz

Read the complete press release also here

 

 

Treasury Delta’s corporate treasury RFP platform: How does it work and why collaborate?

| 18-11-2020 | treasuryXL | Treasury Delta | Having a hard time dealing with complex and time-consuming RFP processes?

Miltenyi Biotec standardizes corporate payments and bank management with new payments platform

| 10-11-2020 | TIS |

Globally operating biotech company consolidates its banking landscape and creates more transparency and security in finance and international payments with TIS (Treasury Intelligence Solutions).

Walldorf, November 10, 2020. Miltenyi Biotec, headquartered in Bergisch Gladbach, Germany, has selected the TIS payments platform to manage all its bank accounts, bank statements, payments and conduct detailed financial analyses. The decision for TIS was made after thorough market observation. Its usability, high security standards, and effective SAP integration clearly stood out.

Miltenyi Biotec has grown steadily in recent years, especially in international markets. The company was founded in 1989 in Bergisch Gladbach, Germany, and specializes in products and processes for cellular research and cell therapy applications. Today, it has more than 3,000 employees worldwide, with 700 employees in research and clinical development. Miltenyi Biotec distributes its products through direct sales in 28 countries. The company’s ongoing growth, increasing number of affiliates, banking partners and accounts led to a need to standardize the company’s finance processes and to make them more efficient.

Besides accounts and payments consolidation, the company also wanted to make its payment processes more professional. In Germany, payment processes were structured with the Treasury Management System. Internationally, however, subsidiaries and affiliates used SAP and other ERP systems for payments and connected to banks via different online banking tools.

Daniel Pier, Group Leader Treasury at Miltenyi Biotec: “For our renewed banking landscape we looked for a centralized payments platform to make international payments more transparent and secure. With TIS, we can automate and standardize payments and monitor the processes from group treasury whenever necessary. For us, the core value of this solution is to enable us to follow closely the company-wide liquidity status at the push of a button.”

Jörg Wiemer, co-founder and Chief Strategy Officer at TIS: “For fast growing companies, it is especially important to manage resources efficiently and meanwhile also ensure security and transparency in corporate payments and liquidity management. With its effective SAP integration and extensive bank connectivity, TIS offers powerful benefits to its customers. We are happy to welcome Miltenyi Biotec, a leading innovator in biomedical research and cellular therapy, to the TIS community.”

About TIS

TIS (Treasury Intelligence Solutions GmbH), founded in Walldorf, Germany in 2010, is a global leader in managing corporate payments. The Financial Times named TIS as one of “Europe’s Fastest Growing Companies” for 2019 and 2020. Offered as Software-as-a-Service (SaaS), the TIS solution is a comprehensive, highly-scalable, cloud platform for company-wide payments and cash management. The TIS solution has been successfully used for many years in both large and medium-sized companies, including Adecco Group, Hugo Boss, Fresenius, Fugro, Lanxess, OSRAM and QIAGEN. More than 25% of DAX companies are already TIS customers.

Your world of Payments. ONE Login.

https://www.tis.biz

Press contact

Treasury Intelligence Solutions GmbH

Liang Fang

Altrottstrasse 31

69190 Walldorf

Germany

If you want to know more about TIS, visit www.tis.biz

Read the complete press release also here

 

treasuryXL announces collaboration with Treasury Delta

| 5-11-2020 | treasuryXL | Treasury Delta | VENLO, The Netherlands, November 5, 2020 – treasuryXL, the community platform for everyone who is active in the world of treasury, and Treasury Delta, an Irish FinTech company, which has brought to market an innovative platform that uses digital technology to connect companies, banks and treasury management […]

SpendLab Analyzer: Each invoice is tracked at VAT cost line level throughout the entire administration

| 04-11-2020 | treasuryXL | SpendLab Recovery |

Last May, we welcomed Spendlab Recovery as our Premium Partner, in order to provide our treasury community with expertise in the field of Liquidity, Accounts Payable and Risk Management. SpendLab is the Dutch market leader in spend justification. The company is a former spin-off from the Dutch government with a 98 year old heritage in procurement. It currently specializes in generating liquidity for clients by analyzing -and identifying anomalies in accounts payable data. By having insights in the accounts payable and being able to recover unjustified liquidity, treasurers will be able to identify and control (liquidity) risks in their vendor data. In this article, the focus lies on the role of VAT.

Specific VAT regulations for small caravan sites, VAT application on invoices within the Social Domain or system integrations after municipal mergers. “Every municipality has specific characteristics and risks in VAT processing,” says André Weitjens, VAT manager at SpendLab and specialist in financial administrations and applications. “The insights and experiences from a municipal project are validated and made applicable for subsequent projects. Also with regard to the interpretation and application of the changing VAT regulations, it is the combination of data research and tax expertise. ” (Blog continues in Dutch)

De grootste uitdaging wordt gevormd door het juist inregelen van de btw-tabel binnen de financiële applicatie. Zeker omdat deze tabel de ingeregelde btw-regelgeving automatisch toepast bij de verwerking van een inkoopfactuur. Als gemeente moet je exacte kennis hebben van de in beweging zijnde btw-regelgeving om dit correct binnen de btw tabel te vertalen. Daarnaast zorgt de variabele stroom van inkoopfacturen, welke via de workflow aan budgethouders ter codering en goedkeuring wordt aangeboden, vaak voor kwetsbaarheden in de btw-verwerking. Budgethouders richten zich op de inhoud van de factuur en zijn zich om die reden veelal niet bewust van de gekozen btw-verwerking bij het coderen van de factuur. Veelvuldig wordt de btw hierdoor onterecht kostenverhogend geboekt.

SpendLab Analyzer

De meest genoemde reden om de SpendLab Analyzer® in te zetten is om zeker te weten dat de btw-verwerking te vertrouwen is. Wij hebben een enorme databank opgebouwd waar alle btw-problematiek wel voorbij is gekomen. Specifieke btw-regelgeving uit hoofde van het BCF, het van toepassing zijn van een mengpercentage, de keuze voor ondernemer of overheid, niet of verkeerd verlegde btw. Veel regelgeving vraagt om specifieke keuzen binnen in een financiële applicatie, welke zich door de toenemende digitalisering niet eenvoudig laat controleren.

De SpendLab Analyzer® beoordeelt de inregeling van de relevante btw-regelgeving bij een gemeente op basis van jurisprudentie, belastingexperts en gevalideerde kennis uit andere projecten. De opdrachtgever is in principe de kennisexpert, maar als we vaststellen dat de btw-boekingen optimaler kunnen, dan adviseren we onderbouwd met de jurisprudentie en of motivaties vanuit andere projecten. Interessant is dat niet de grootboekrekening of kostenplaats het startpunt is, maar de totale boekingsdata in relatie tot boekingsregels. Het grootste verschil met reguliere controles is dat de SpendLab Analyzer® de btw verwerking volgt vanaf het moment van de eerste vastlegging tot de betaalbaarstelling, om vervolgens de data analyse op te bouwen.

De SpendLab Analyzer® beoordeelt integraal alle kostenregels van de facturen op een juiste btw-verwerking. Elk btw bedrag dat onterecht kostenverhogend is geboekt of mogelijk onterecht in aftrek is genomen of is gecompenseerd wordt inzichtelijk gemaakt. Dit gaat al snel over tienduizenden btw-regels bij een kleine organisatie. Handmatig is dit niet meer te doen. Gemeenten en hun accountants doen dit op basis van steekproeven, terwijl SpendLab alles fijnmazig op basis van honderd procent van de factuur data analyseert.

De belastingdienst is voornemens om dergelijke integrale controles in de toekomst zelf vorm te geven, en dat is precies wat wij al doen. De SpendLab Analyzer® gaat vijf volle boekjaren terug en beoordeelt ook de betaalbaarstelling. Zo werkt SpendLab met zijn integrale controle complementair aan de fiscalist en accountant. Zo is een gemeente ook nog eens proactief en zeker van een juiste verwerking van btw in de toekomst.